A new endowment at Wesleyan University may pique the interest of donors and alumni — but for now the fund is not seeking donations.

In what may be the first of its kind in the nation, Wesleyan’s student assembly has set up its own endowment to pay for student activities, reports The Hartford Courant.

While officers at the Middletown, Conn., institution will provide financial advice to the Wesleyan Student Assembly, the group will manage the endowment and make investment decisions.

The assembly hopes the fund will generate enough money to eliminate fees that students pay to support clubs and social activities.

Student leaders said they will start the fund with whatever surplus the assembly has from the fees this year and it will not be accepting donations.

The creation of the unusual fund comes as universities face pressure to spend more of their endowments on financial aid and as a growing number of college students want a say in how universities invest their tuition fees, the newspaper says.